3rd Quarter Results-Replace

RNS Number:5607S
Antonov PLC
27 November 2003



Antonov plc ("The Company")

The issuer has made the following amendment to the Third Quarter Results
announcement released on 27 November 2003 at 07:00 under RNS number 5436S.
The announcement should read "Unaudited loss before tax of #1.67m 
(2002: #1.44m)" and not "Unaudited loss before tax of #1.69m (2002: #1.46m)".

All other details remain unchanged.

The full corrected version is shown below.

ANTONOV plc

THIRD QUARTER RESULTS ANNOUNCEMENT
For the nine months ended 30th September 2003

Antonov plc (the "Company" or "Antonov") announces its unaudited financial
results for the nine months ended 30th September 2003.

Highlights

Commercial

   * Discussions with both auto-makers and Tier 1 gearbox manufacturers at
    the Frankfurt Motor Show confirmed that the Company's AAD automatic gearbox
    is a serious and realistic alternative to manual gearboxes in mass-produced
    small cars.


   * Design of the fifth generation of the AAD 6-speed transmission was
    completed, encompassing all of the modifications and improvements most
    desired by auto- makers.


   * Asian market potential for the 4-speed AAD has become far more apparent
    and immediate, with production decisions expected in the foreseeable future.


   * Internal reorganisation to focus the Company's resources on the
    commercialisation of the AAD has been largely completed.

Financials

   * Unaudited loss before tax of #1.67m (2002: #1.44m), resulting in a loss
    per share of 1.6p (2002: 1.5p).


   * Cash balances at 30 September 2003 amounted to #429,000. This amount is
    expected to be sufficient to cover budgeted working capital requirements
    until the year-end.


   * The Company successfully completed an interim fund raising exercise in
    November 2003, after the current reporting period, raising Euro 1.25m
    (approximately #875,000).


Chief Executive's Statement

Martin Schinzig said: "The Company's technology is currently being seriously
evaluated by a number of auto-makers (OEMs) and Tier 1 gearbox manufacturers.
While the third quarter did not see any material announcements from the Company
concerning customer developments, considerable commercial progress was in fact
made during and after the Frankfurt Motor Show. This will in due course result
in the Company being able to demonstrate, to both the industry and its
shareholders, that the AAD is on course to be adopted by a number of OEMs as
their automatic transmission of choice for small-car applications".

Fifth generation AAD

The Company has been undertaking thorough technical evaluations of its
fourth-generation AAD six-speed gearbox together with both OEMs and Tier 1
gearbox manufacturers for some time now. The OEMs have acknowledged that the
packaging of the AAD, i.e. its compact design
(length